Pension Risk Transfer Digest
Autumn 2025
/people-three-8.png?width=300&name=people-three-8.png)
Business Stats
F&G's PRT business is growing! See our sold premium, won deals and lives onboarded as of September 30, 2025.
/line-graph-data-8.png?width=300&name=line-graph-data-8.png)
/question-mark-8.png?width=300&name=question-mark-8.png)
Did You Know?
What causes capacity challenges in the PRT market, and how can companies navigate this?
Want to receive the PRT Digest in your email each quarter?
Click here to sign up for future emailsF&G's PRT business stats1
Here's a look at our sold premium, won deals and lives onboarded as of September 30, 2025. Check out F&G's Q3 2025 earnings and our latest PRT sales milestone for more.
Total sold premium:
Total number of won deals:
Total lives onboarded:
1 F&G internal PRT business data as of 9/30/2025. Number of total lives onboarded does not include beneficiaries.
Competitive pricing is a key component of product success. PRT pricing is correlated with changes in high-quality corporate bond yields (consistent with how pension plan liabilities are valued for funding, accounting, etc.) and changes daily based on yields available to the issuing PRT insurer. Rate increases and spread widening drive lower PRT cost — and vice versa.
This quarter rates decreased around 7 basis points, translating to a slightly higher PRT transaction cost with F&G maintaining our competitiveness relative to our peers
1 All rates based on 7 year duration all retiree population.
2 F&G sample rate represents preliminary pricing for a hypothetical mixed collar transaction less than $100M in size. Actual final pricing will vary based upon actual transaction details.
3 Average competitor rate based on annuity rates published by BCG Pembridge.
Navigating capacity challenges in the PRT market
The U.S. PRT market has expanded dramatically. It began as a niche space with fewer than ten insurers competing for under $5 billion in annual premiums. Over the years, it's evolved into a robust market with nearly two dozen insurers transacting more than $50 billion annually. The market has largely managed to provide the capacity needed to meet growing demand from pension plan sponsors; however, capacity to issue PRT business is not unlimited.
As the market grows and more companies get involved, there will be times when capacity is tight, especially when demand is high or the market is unpredictable. By understanding how these factors work and connecting with experienced partners, plan sponsors can manage these capacity limits and give their transactions a better chance of success.
What causes capacity constraints?
Capacity can become tight due to:
- Surge in demand - when multiple pension plans try to transact at the same time - often towards year-end or during periods of favorable interest rates - insurer resources can become strained.
- Investment environment - when yields are low or market volatility is high, insurers may become more selective about taking on new liabilities.
- Operational workload - PRT transactions take careful underwriting, legal documentation and post-sale administration. Limited staffing and operational bandwidth can restrict the number of deals an insurer is able to manage.
How can plan sponsors manage capacity?
- Work with an experienced consultant - a consultant with strong insurer relationships can help set expectations, streamline the process and maintain market engagement in crowded periods.
- Be flexible with timing - Sponsors that are flexible with their transaction timing can work with insurer availability and have a better chance of receiving competitive pricing.
- Refine the final bidding pool - After preliminary pricing and fiduciary reviews, remove insurers with uncompetitive bids or who don't meet fiduciary standards from the final bidding round.
Describe your role in PRT.
As a PRT actuary, I primarily focus on preparing experience analysis reports to assess our block's performance and validate mortality assumptions. While I also handle pricing tasks such as preparing in-force data, underwriting mortality and pricing bids, my main work involves quarterly comparisons of actual versus expected results and providing annual recommendations on whether assumption updates are needed.
What brought you to F&G?
My friend interned at F&G before accepting a full-time position here, and when I started looking for internships, she recommended I apply. I followered her suggestion since she had shared positive experiences about the company, and my summer 2023 internship confirmed all her good reports. This experience led me to begin working full-time at F&G shortly afterward.
What's your favorite aspect of PRT?
My favorite part of working in PRT is the continuity of involvement throughout the entire lifecycle. From participating in bidding and pricing to secure new business, to managing that business through experience study analysis, I'm engaged at every critical stage.
How do you spend a typical Saturday?
My husband and I got a dog earlier this year, and our Saturday routine now starts with a lengthy walk together. Following that, we like to see what's happening around town; living in Dallas means there's never a shortage of local events and activities to choose from. We typically spend our evenings either dining at new restaurants or catching up with friends and family.
Favorite book, podcast or show?
I'm a big fantasy reader, and narrowing down favorites is tough, but if I had to choose, "Throne of Glass" would be my favorite series. Beyond reading, I enjoy listening to audiobooks and finance podcasts—something that works particularly well with my work-from-home setup.
We'd Love to Hear From You!
More About Our Team
F&G’s PRT team specializes in business development, pricing, investments, operations, legal, finance and reinsurance.
Our team collaborates with consultants and their clients throughout the year to manage new and in-force PRT activities.
Send Us Your Feedback
25-1162
This material is intended for informational purposes only and is only intended for use by institutional plan sponsors and industry professionals.
F&G is the marketing name for Fidelity & Guaranty Life Insurance Company issuing insurance in the United States outside of New York and, in New York only, Fidelity & Guaranty Life Insurance Company of New York. Each Fidelity & Guaranty Life company is solely responsible for its contractual commitments.
Guarantees are based on the claims paying ability of the issuing insurer, Fidelity & Guaranty Life Insurance Company, Des Moines, IA.
